I have not done a Hybrid Smart Key but have done older ones. I have never lost a piece of electronics subjected to too much water when following these steps:

1) Take unit apart.
2) Remove battery.
3) Clean thoroughly with cheap toothbrush and distilled water.
4) Use hair dryer at a good distance to dry the parts, leave them apart overnight.
5) Re-assemble unit with new battery.

Like I said, I have not done this with a smart start key, but this has worked on other electronics that have been severely doused, or even dropped, into a large body of water.

For $200, I will do this to mine and photograph the process!!

Regards,

Bigsk8r